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Eight Must Reads for the CRE Industry Today (Aug. 25, 2021)

Equity Residential has struck a deal with Toll Brothers to develop apartment communities throughout the United States. Co-working companies are seeing a rise in sales as office workers face uncertainty regarding return to their permanent workplaces, reports The Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.

  1. The F.D.A.’s Vaccine Approval Could Lead to More Corporate Mandates “Mandates may be the only way to significantly increase vaccination rates, given continued hesitancy about the shot. A recent poll found that three out of 10 unvaccinated people said that they would be more likely to get a fully approved F.D.A. shot, though some experts believe that this figure could be exaggerated. More regulatory action is coming. Moderna’s application for full approval of its vaccine was filed in June, a month after Pfizer’s.” (The New York Times)
  2. Equity Residential Partnering with Toll Brothers on $1.9B Apartment Rental Venture “Equity Residential is partnering with Toll Brothers to develop new rental apartment communities in key U.S. markets. The companies announced this morning that they initially intend to focus on acquiring and developing sites in six metro markets where both parties have a significant or growing presence: Atlanta; Austin; Boston; Denver; Orange County/San Diego; and Seattle, as well as in Dallas-Fort Worth, a market that Equity Residential has recently re-entered.” (Real Estate Weekly)
  3. Co-Working Companies Benefit from Return to Office Uncertainty “Shared office space firms like WeWork and Industrious are enjoying a rise in sales this summer as U.S. businesses grappling with the seismic changes in the workspace world sparked by the pandemic seek flexible and short-term solutions. Hundreds of companies particularly in the technology sector are taking spaces from these firms, ranging from a handful of hot desks to over 50,000 square feet for periods as short as one month. Many individuals are doing this on their company’s dime as they wait for their employers to figure out when it is safe to require workers to return to pre-pandemic offices.” (The Wall Street Journal)
  4. Ivanhoe Cambridge and JLL Enter Strategic Alliance for Canadian Retail Operations “Two global leaders in commercial real estate have come to an agreement to operate retail assets through a unified approach. On October 1, 2021, Ivanhoé Cambridge will transition the operations of its Canadian shopping centres over to JLL, the largest third-party retail property management company in North America. The vast majority of Ivanhoé Cambridge's property team of retail employees are expected to join JLL Canada, whose management team and key decision-making roles will be headquartered in Montreal.” (via press release)
  5. Walmart Opens Local Delivery Service to Other Retailers “The big-box retailer is opening up its in-house delivery platform, Spark Driver, to other businesses so that the independent contractors who are out delivering Walmart groceries and other merchandise can make additional deliveries along the way. The service, called Walmart GoLocal, offers another way for the retailer to beef up its delivery platform and add more paying pickup and drop-offs while drivers are out. It joins a crowded field of players looking to handle last-mile deliveries, including a similar service called Shipt, which is owned by rival Target Corp.” (The Wall Street Journal)
  6. It's More Expensive to Rent an Apartment in New York City Than San Francisco for the First Time Since At Least 2014 “New York City has taken San Francisco's place as the most expensive place to rent an apartment in the US. That's according to an August report from real-estate rental site Zumper, which found that New York has the highest median rent for a one-bedroom unit at $2,810. San Francisco is a close second with a median price of $2,800. It's the first time since Zumper began tracking the data in 2014 that New York has nabbed the top spot.” (Insider)
  7. Sweetgreen Buys Robotic Restaurant Chain Spyce as it Prepares to Go Public “Restaurant unicorn Sweetgreen, valued at $1.8 billion, said Tuesday it plans to buy the robotics-focused restaurant concept Spyce. The bowl and salad chain, backed by celebrity chef Daniel Boulud, opened in Boston in 2018 with an automated kitchen that replaced cooks. Sweetgreen, which confidentially filed its IPO paperwork on June 21, did not reveal the purchase price.” (Insider)
  8. Deloitte to Require Staff to be Vaccinated at U.S. Locations “Professional services firm Deloitte will require vaccination against Covid-19 for employees to enter its office beginning Oct. 11.” (Bloomberg)
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